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of that in washington is being watched closely in sacramento because failure to address the debt ceiling could take the budget surplus and wipe it out. ktvu's ken pritchett is in the capital. >> reporter: exactly on where california's budget stands today it became clear there was a lot of agreement we are on the mend, the budget turned a corner and all of that is at risk if the federal government drops the ball. >> reporter: california finally has a surplus. in november he said he had a deficit of $2 billion. he stands by that number but says -- >> it is roughly in balance. >> the difference in numbers is small and that the government's plan shows discipline. >> he should be commended for the plan. >> paying down debt and strengthsenning education are the right -- strengthening education are the right choices for california. >> reporter: he says another area of agreement is how quickly the governor's budget's numbers could fly. >> the biggest risk could come next month and that is from washington, d.c. in what the government chooses to do or not to do. >> reporter: if washington fails to act on th
. >> raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. >> reporter: the statement is true. while the debt ceiling enhances our ability to spend, federal budget resolutions originate where the congress must ultimately approve them. what will happen if the congress doesn't move to raise the debt ceiling? there's two possible scenarios. the government waits until it has enough money to pay all its obligations for a single day and then it sends out payments late or, two, it can pick and choose winners until the situation gets resolved. president obama's warning of a near total government shutdown is untrue. sam brock, nbc bay area news. >>> some good insight there. president obama also addressed gun control. he wants universal background checks and a ban on assault rifles. nbc bay area's janelle wang has more in our world tonight. >>> tomorrow vice president joe biden is expected to bring similar recommendations to the president. biden was acy signed to head a task force following the sandy
that will include the story of raise the debt ceiling and also address the spending issue as they see it. >> and what is the -- is any of this complicated by the fact that treasury secretary tim is the geithner is eager to exit is posed? >> i don't think so. this is all about the president and what he wants. chief of staff, incoming treasury secretary, former omb office of management and budget director. he knows these issues. and so they have been through this exercise before, as you know, in the summer of 2011. this is nothing new, and i don't think it affected either way. >> thank you for the insight. >> anytime. .. monday evening the house rules commitey considered arguments on the relief bill. the senate passed a bill providing $60 billion in aid but the house did not take up that legislation. house republicans proposed a number of amendments to the relief package, including those requiring the aid to be offset by spending cuts. this is three hours. [inaudible conversations] >> be in order. good afternoon. delighted that we are holding our first rules committee meeting, mr. chairman
to have a baland approach. if you want the debt ceiling raised come at some point we're going to have to address spending cuts. this is as good a time as any. i don't think they should go all in, draw a line in the sand and shut the government down because the public doesn't know a heck of a lot about this. they could be the recipient of the blame for this. gerri: use a dollar for dollar doesn't work. >> it will not stop the debt from growing as a percent of gdp because the gap is too large. >> i'm not saying it will balance the budget. we have to start the conversation, this is a good place to start making inroads. that is when republicans really have to draw the line in the sand. gerri: you were saying, which i thought was interesting, somewhat at odds with the conservative pundits that has to be some negotiation, give or take on both sides. >> what i said was any increase in taxes on income that would otherwise be invested should be linked to stopping debt from growing as a percent of gdp because i was afraid in the first round of negotiations republicans simply give away tax incre
, that is true, however, the fundamental question is actually how do we address the mounting debt that we are accumulating now. >> you address it but -- >> i urge everybody to read keith hennessey's blog, he has some interesting ideas about how to approach the mechanics of getting the debt ceiling. it's keith hennessey, i get his e-mails but keith hennessey, a very interesting commentator and has some ideas about how to maneuver this while still allowing republicans to make the fundamental point they want to make. >> you're very clever, slick. >> that's the first time i've been accused of that. >> he says that meaning slick in a great way. "end point" is up next. so if ydead battery,t tire, need a tow or lock your keys in the car, geico's emergency roadside assistance is there 24/7. oh dear, i got a flat tire. hmmm. uh... yeah, can you find a take where it's a bit more dramatic on that last line, yeah? yeah i got it right here. someone help me!!! i have a flat tire!!! well it's good... good for me. what do you think? geico. fifteen minutes could save you fifteen percent or more on car ins
before addressing the white house veto, then the president gets his original wish and the debt ceiling automatically goes up. in other words, a redo of the fiscal cliff threatening the u.s. economy. give extremism and allow congress to basically do anything. welcome to washington. andrew, is this -- is this the way it goes now? >> i'm depressing. it is depressing are but it's also maybe the viable path forward. in terms of harm done to the u.s. economy sshgs that the best solution? >> i cannot get behind that. by the way, count get behind the platinum coin. we could draw something on a little piece of paper, and they could hand it to me. i can't get behind any of that. ultimately, we have to actually figure this out. the president has to figure it out. congress has to figure it out, and that's going to be the end of it. i have to think we're wasting our time. not just you us talking about it, but the fact that we're having these conversation bz what kind of wack-a-do arrangement we can create so everyone can pretend everything is okay. >> isn't it a result of a congress that seems to h
that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. it went part of the way, as you mentioned. but it leaves a number of issues still on the table and traditional negotiations are looming. would you characterize that as an additional cliff that is facing us? or do you think it is not as concerning as it was when you raised the term initially? >> as i said, the fiscal cliff, if allowed to take place, would have probably created a recession this year. a good bit of that has been addressed. nevertheless, we still have a fairly restrictive set of fiscal policies now. it is estimated that federal fiscal policy will contract from real gdp growth something on the order of 1% to 1.5% this year, a significant drag on the economy. we have quite a bit to do to address our long-term still beneatsustainability issues. it's going to be a long haul. it's not going to happen overnight, basically because the government b
conference said raising the debt ceiling will not raise our debt ceiling. all we've raised the debt, we have to may more interest. that in it/will increase the spending. we have a spending problem in this country. that's what we need to address. >> what is your biggest bone of content with john boehner? you've been very public about the fact that you don't think his leadership is something you wanted over this new congress, you didn't vote for him to be the speaker. what is your main problem with him? >> i have no personal problems. i keep hearing that. he himself said i carrying no grudges. we've talked several times. the point is to let him know with le stand up to leadership and hold him account annual. i think that's important to know. that really is on both sides of the aisle. if you go back there were people that challenged the leadership, too. i think that's a good thing. you have new members of congress willing to stand up and saying let's rethink this. let's put america first, not necessarily party politics. i fired the first volley that you would make boehner's life a little more h
a consensus on this in the political process that the debt ceiling has no rational place in this. the president addressed that yesterday, but the fact is playing russian roulette with the u.s. economy and the wellbeing of our population has no place in an honest debate about how much spending should be cut, how much investment should be made to address these broader economic and social deficit ands how to resolve this and get on to other parts of the national agenda. sooner or later, i think, the congress and the president will agree. you saw approaches to this in senator mcconnell's comments in the last couple of weeks and, obviously, in the president's that the key control is in the authorization and appropriation process, and the ability to pay those bills through either revenue sources or borrowing ought to be attached to the decision to spend, not used as a point of leverage in many broader and more or important negotiations. >> thank you, lew. can i just follow up, and i don't know if this is a little bit of a tan gent, but i think i just want to ask you because of your pos
the debt ceiling or later on over the continuing resolution to? finance to? -- or the continuing resolution to finance the government? guest: i've only been here two years. i truly believe that when i ran and even more so now, we are a nation at risk. every american, regardless of political affiliation. so we have to reduce federal spending. this is the time right now. some of my colleagues were saying let's get through the fiscal cliff and the real fight is the continuing resolution or the real fight is the debt limit. i hear that and it goes on. host: where do you insist on spending cuts? is that the debt ceiling or the continuing resolution? guest: it is that every point. host: all of the above? guest: yes. when the president says he wants a balanced approach, i believe him. i was looking for the simpson- bowles model, fighting for least 2 to 1. i was hoping for 1 to 1. i was disappointed and deeply surprised we did not get that in this fiscal cliff. here i was as a republican, so often introduced on tv shows and news shows, "coming up, a republican who says we need higher revenues." an
spending. host: in your opinion, what should happen? where do you picked a fight, over the debt ceiling or later on over the continuing resolution to? finance to? -- or the continuing resolution to finance the government? guest: i've only been here two years. i truly believe that when i ran and even more so now, we are a nation at risk. every american, regardless of political affiliation. so we have to reduce federal spending. this is the time right now. some of my colleagues were saying let's get through the fiscal cliff and the real fight is the continuing resolution or the real fight is the debt limit. i hear that and it goes on. host: where do you insist on spending cuts? is that the debt ceiling or the continuing resolution? guest: it is that every point. host: all of the above? guest: yes. when the president says he wants a balanced approach, i believe him. i was looking for the simpson- bowles model, fighting for least 2 to 1. i was hoping for 1 to 1. i was disappointed and deeply surprised we did not get that in this fiscal cliff. here i was as a republican, so often introduced
to address. but they do need to address that. the way to do it is not for threatening default for the debt ceiling. >> david, thank you for joining us. david riley joining us there from fitch in london. >>> a little less than three hours, what the meeting might mean for the facebook stock. we have a buy rating on facebook and price target of 32. welcome back. >> thank you. >> sounds like you think between phone and some kind of new engine, probability is probably on the engine side, right? >> that's what i'm thinking. although as you know, the media's been speculating quite hard that it's probably a facebook type phone or operating system. i just think that mark zuckerburg has been pretty clear that search is pretty big for them. i think it makes a lot more sense for them to go after that business. >> what do you think it would look like, how would it work, and what can it do to their share of mobile ads in this country? is it likely to take anything away from what google has already put together? >> the way i'm envisioning this is they would make search much more relevant and much more ap
't want you to use as a weapon in the debt ceiling because it's not a weapon against me. it's a weapon against the full faith and credit against the u.s. and therefore is essentially what an again the citizens of this century, our economy and the global economy. you think he needed to be straight up and not say essentially what i'll do is look for ways around it. the republican caucus is a set at the beginning, so dramatically changed from when i joined ways and means, which by the way has jurisdiction over the ceiling. the republican party really has to decide how much it's willing to gamble with the economy of the united states. i think that would be dangerous scandal and the president was correct to essentially say straight out. so i have with him on that. in fact ask for credit that they showed -- [inaudible] >> i'm not surprised. [inaudible] -- assuming there is a negotiation that is result in a pre-trade deal between the european union and has, you can take a look at what the issues are going to be. they'll have a profound impact on the whole regulatory regime both in this countr
and work with republicans on critical issues like the current debt ceiling debate. they feel, some do, that he's been more isolationist and even aggressive towards the other side or, the word i'm looking for, antagonistic. and joining us a michael reagan, chairman of the reagan group. this is not just the president's critics saying it, bob woodward wrote in his book about a president obama who was a distant character, equally cool relationships with politicians and business leaders. those who know him, somebody who worked in the white house, an aide to president obama said that publicly he doesn't call anyone, he's not close to virtually anyone, he really doesn't like people. she later came out and apologized for saying that, but the criticism, he's not getting any deals done in part, not in full, but in part because he doesn't know how to forge relationships with his opponents. your thoughts? >> no, i think you're absolutely right and he's unwilling to do that. he feels empowered by the last election that somehow he's been empowered by the public to do exactly what he wants to do and
-a credit rating is at risk. if an increase in the debt ceiling doesn't also include a credible plan for deficit reduction, the government accountability office has reported that government spending is on an unsustainable long-term fiscal path with entitlements the primary cause. congressional budget office reports that left unchecked, the federal entitlement programs will soon swamp the entire budget. will entitle am reform be messi? yes. is it necessary? yes. in fact, it's the only way to bring a laughter solution to our nation's fiscal problems. any plan to reform indictments must protect the benefits promised to the current generation. but as we look to the future, we need serious reforms that will reduce spending while preserving these important safety nets for future generations. in 2006 then senator obama said the fact that we are here today to debate raising america's debt limit is a sign of leadership failure. quote-unquote. yet under president obama we've seen record-setting deficit spending and trillions added to our national debt. the leadership failure lies with the pres
Search Results 0 to 14 of about 15

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